Carey Olsen expertise sees $900m. invested in Africa

ONE of the largest funds ever raised dedicated to investing global capital in Africa has launched – with Guernsey expertise.

Lawyers from Carey Olsen’s Guernsey corporate team advised Development Partners International on the establishment of African Development Partners III Fund.

ADP III, which exceeded its $800m. target, held a final close at about $900m. – with an additional $250m. of dedicated co-investment capital secured. The fund will invest in established and growing companies in industries that benefit from Africa’s fast-growing middle class and the increasing digital transformation of the continent. All investments will uphold the highest standards of impact and environmental, social and governance (ESG) work.

The Carey Olsen team advised on Guernsey aspects of the fund’s establishment as a closed-ended scheme and its subsequent launch – with fundraising led by partner Andrew Boyce, assisted by senior associate Vaishali Gupta and associate Oliver Orton. The firm worked alongside onshore counsel Debevoise & Plimpton.

‘It was a pleasure to assist DPI on the launch of its third fund. We are delighted with this hugely successful fundraise which demonstrates not only DPI’s market leading position as an investor into Africa, but also the continued confidence in structuring through Guernsey’s internationally recognised regulatory and legal framework,’ said Advocate Boyce.

Sarah Shackleton, partner at DPI, said it valued support received from its advisers during the successful ADP III fundraiser.

‘Our new fund are enables us to continue to execute on our strategy, delivering strong returns and impactful results, by working with and investing in pioneering companies across the continent,’ she added.

ADP III has made four investments to date, including Channel VAS, a global fintech business providing mobile financial services and SICAM, a Tunisian tomato producer, in one of the largest private equity transactions undertaken in the country. It has also invested in Kelix Bio, a biopharmaceutical platform broadening access to speciality generic drugs across Africa, and MNT-Halan, an Egyptian fintech ecosystem.

ADP III secured capital from a broad range of leading pension and sovereign wealth funds, development finance institutions, endowment and foundations, insurance companies, fund-of-funds, asset managers, and impact investors. The global investor base represents 20 countries across North America, Europe, Middle East and Africa.

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